Small Steps Out Of Massive Debt!

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  • Moneybutterfly
    Moneybutterfly Posts: 14 Forumite
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    I love reading your progress how do I subscribe ?
  • Honeysucklelou2
    Honeysucklelou2 Posts: 4,657 Forumite
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    Just caught up on your diary GC. Well done on paying off 26%. That's fantastic!
    paydbx2024 #2 £480/£5000 . Mortgage £144k start ~ £148k Jun 23 -
    2024 savings challenge £5/£2000     EF £140. Savings 2 £30.00. Weekly savings envelope #17
  • GeorgianaCavendish
    GeorgianaCavendish Posts: 2,387 Forumite
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    Honeysucklelou2 wrote: »
    Just caught up on your diary GC. Well done on paying off 26%. That's fantastic!
    Thank you! I'm really chuffed :)
    Moneybutterfly wrote: »
    I left O2 to go to giffgaff as cheaper. They're pretty good and review your usage every month to see if you need a cheaper tariff and you get £5 if ya recommend a mate x
    Ooh, that's good to know! I signed up for a 12 month SIM only contract with O2 earlier this year (at the time it was the cheapest deal for the level of data I wanted) but I'll keep giffgaff in mind for when I have to renew. You've got some great money saving tips :)
    Moneybutterfly wrote: »
    I love reading your progress how do I subscribe ?
    There should be a button at the top of the thread, next to the pink Reply To Thread button.
  • GeorgianaCavendish
    GeorgianaCavendish Posts: 2,387 Forumite
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    Not much happening today on the debt-busting front. I'm waiting for my transfers to go through (shifting £950 from MBNA to Tesco, and money advance of £660 from MBNA on 6.9% interest rate to pay off the catalogue debt) and for my latest statements to be generated so that I can update my debt spreadsheet and redo the snowball calculator. Feels like I'm doing lots of juggling of debt at the moment rather than making "real" progress by paying things off, but I keep reminding myself that getting my credit card debt on the lowest interest rates possible will help pay off the debt sooner.
  • Naomim
    Naomim Posts: 3,117 Forumite
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    Once you've shifted the debt it'll certainly help bring the debt down and someone on here mentioned Stealth Debt busting. I used to do this and am going to start again. Pay the minimums on my credit cards, but as the debt reduces, so do the minimums. If you keep paying the same amount per month, they will come down quicker.

    Naomi x
    Credit Cards NOV 2019 £33,220.42 Sept 2023 £19,951.00 Tilly Tidy 20223/COLOR] Sept £43.71 Here's my diary: A Ditherer's Diary Again
  • GeorgianaCavendish
    GeorgianaCavendish Posts: 2,387 Forumite
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    That is a really good idea Naomi, I'm definitely going to be doing that with the 0% card and B/Card!
  • JoJoC
    JoJoC Posts: 1,836 Forumite
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    Lots of good debt shifting going on - hope it makes a dent into your DFD or at least help to keep the motivation up and the interest rate down!
    CC1: £4481.14/ £5031.14 (12% paid off, £600) | CC2:£3307/ £3807 (14.4% paid off, £550) | Loan: £10,528.20/ £15,792.30((33% paid off, £5,264))

    July debt total: £24,630.44 | New debt total: £18,316.34 | Total debt paid: £6,414.10 (26%)
    *My debt busting and savings diary*
  • Naomim
    Naomim Posts: 3,117 Forumite
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    GeorgianaCavendish wrote: »
    That is a really good idea Naomi, I'm definitely going to be doing that with the 0% card and B/Card!

    I've just done a new snowball calculator for my credit cards. DFD April 2024 :rotfl: But if i can pay an extra £20 a month and keep switching to 0% it should come down a lot quicker. Spreadsheet at the ready :T

    Naomi x
    Credit Cards NOV 2019 £33,220.42 Sept 2023 £19,951.00 Tilly Tidy 20223/COLOR] Sept £43.71 Here's my diary: A Ditherer's Diary Again
  • GeorgianaCavendish
    GeorgianaCavendish Posts: 2,387 Forumite
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    JoJoC wrote: »
    Lots of good debt shifting going on - hope it makes a dent into your DFD or at least help to keep the motivation up and the interest rate down!
    It is helping to keep motivation up, I've just done a quick snowball calculation inputting the figures balance transfers I've already initiated. That knocks two months off my DFD!
    Naomim wrote: »
    I've just done a new snowball calculator for my credit cards. DFD April 2024 :rotfl: But if i can pay an extra £20 a month and keep switching to 0% it should come down a lot quicker. Spreadsheet at the ready :T

    Naomi x
    My DFD is Sept 2020. Ideally I'd like to get this down to Jan 2020 because that is when my personal loan ends. Actually Dec 2019, so that I could start 2020 completely debt free!
    I don't know if it is even possible to shave another 10 months off my DFD but it is something to aim towards!
  • EssexHebridean
    EssexHebridean Posts: 21,372 Forumite
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    The way you're going, I can't see why you wouldn't be able to! :T
    🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
    Balance as at 01/09/23 = £115,000.00
    Balance as at 31/12/23 = £112,000.00
    SOA CALCULATOR (for DFW newbies): SOA Calculator
    she/her
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